HORANU: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HORANU
Largest movements
- Current investments +€180,383
up €180,383 (+71.7%), from €251,691 to €432,074
- Cash -€134,350
down €134,350 (-61.1%), from €219,844 to €85,494
mainly Current investments (-€180,383) and Debts after one year (-€141,667)
- Reserves +€221,779
up €221,779 (+21.3%), from €1.0m to €1.3m
- Debts after one year -€141,667
down €141,667 (-29.3%), from €483,333 to €341,667
- Tax, wage and social debts -€22,825
down €22,825 (-50.4%), from €45,292 to €22,467
- Gross operating margin -€49,217
down €49,217 (-44.3%), from €110,979 to €61,762
- Financial income -€26,418
down €26,418 (-12.7%), from €208,701 to €182,283
- Taxes -€10,782
down €10,782 (-49.7%), from €21,705 to €10,923
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,921,535 | €1,978,437 | +€56,902 | +3.0% |
| Fixed assets | 21/28 | €1,450,000 | €1,450,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,450,000 | €1,450,000 | = | 0.0% |
| Current assets | 29/58 | €471,535 | €528,437 | +€56,902 | +12.1% |
| Amounts receivable within one year | 40/41 | - | €10,869 | +€10,869 | |
| Other amounts receivable | 41 | - | €10,869 | +€10,869 | |
| Current investments | 50/53 | €251,691 | €432,074 | +€180,383 | +71.7% |
| Cash at bank and in hand | 54/58 | €219,844 | €85,494 | -€134,350 | -61.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,921,535 | €1,978,437 | +€56,902 | +3.0% |
| Equity | 10/15 | €1,242,993 | €1,464,772 | +€221,779 | +17.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,042,993 | €1,264,772 | +€221,779 | +21.3% |
| Distributable reserves | 133 | €1,042,993 | €1,264,772 | +€221,779 | +21.3% |
| Amounts payable | 17/49 | €678,541 | €513,665 | -€164,877 | -24.3% |
| Amounts payable after more than one year | 17 | €483,333 | €341,667 | -€141,667 | -29.3% |
| Financial debts | 170/4 | €483,333 | €341,667 | -€141,667 | -29.3% |
| Amounts payable within one year | 42/48 | €187,045 | €164,338 | -€22,707 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €141,667 | €141,667 | = | 0.0% |
| Trade debts | 44 | €86 | €0 | -€86 | -100% |
| Suppliers | 440/4 | €86 | €0 | -€86 | -100% |
| Taxes, remuneration and social security | 45 | €45,292 | €22,467 | -€22,825 | -50.4% |
| Taxes | 450/3 | €45,292 | €22,467 | -€22,825 | -50.4% |
| Other amounts payable | 47/48 | - | €204 | +€204 | |
| Accrued charges and deferred income | 492/3 | €8,163 | €7,661 | -€503 | -6.2% |
| Other operating charges | 640/8 | €1,161 | €1,193 | +€33 | +2.8% |
| Gross operating margin | 9900 | €110,979 | €61,762 | -€49,217 | -44.3% |
| Operating profit (loss) | 9901 | €109,819 | €60,569 | -€49,250 | -44.8% |
| Financial income | 75/76B | €208,701 | €182,283 | -€26,418 | -12.7% |
| Recurring financial income | 75 | €208,701 | €182,283 | -€26,418 | -12.7% |
| Financial charges | 65/66B | €11,156 | €10,149 | -€1,007 | -9.0% |
| Recurring financial charges | 65 | €11,156 | €10,149 | -€1,007 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €307,364 | €232,702 | -€74,662 | -24.3% |
| Income taxes | 67/77 | €21,705 | €10,923 | -€10,782 | -49.7% |
| Profit (loss) for the period | 9904 | €285,658 | €221,779 | -€63,879 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €285,658 | €221,779 | -€63,879 | -22.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.